Millennials born in 1980s may never recover from the Great Recession
出生於上世紀80年代的千禧一代可能永遠無法從大衰退中恢復過來
Some Millennials may never get over the Great Recession.
一些千禧一代可能永遠無法擺脫大蕭條。
The net worth of a typical family headed by someone born in the 1980s was 34% below what was expected, according to a new Federal Reserve Bank of St. Louis study titled "A Lost Generation?"
根據路易斯聯邦儲備銀行的一項名為“迷茫的一代？”的研究，一個在80年代出生的人所代表的典型家庭的淨資產比預期的低34%。
What's worse, the typical 1980s family lost ground between 2010 and 2016, after the recession ended. These folks, who were in their late 20s and early to mid 30s in 2016, were the only age group to do so out of the six cohorts studied.
更糟糕的是，在經濟衰退結束後，典型的80年代家庭在2010年到2016年之間迷失了方向。在2016年這些都是20多歲快到30多歲的一群人，在研究的六組人群中，他們是唯一一個用這樣的年齡層安排的年齡組。
"This represents a missed opportunity because asset appreciation is unlikely to be as rapid in the near future as it was during the recent period," said the report, which was based on the Federal Reserve's 2016 Survey of Consumer Finances.
這份基於美聯儲(Fed)2016年消費者財務調查的報告表示，“這是一個錯失的機會，因為在不久的將來，資產升值不太可能像近期那樣迅速。”
Those born in the 1980s were not the only group to fare worse than expected. Americans born in the 1960s and 1970s accumulated 11% and 18% less wealth respectively in 2016 than predicted. This is worrying, but these cohorts -- who are now generally in their 40s and 50s -- had narrowed the gaps considerably since 2010.
上世紀80年代出生的人群並不是唯一一個比預期更糟糕的群體。在20世紀60年代和70年代出生的美國人在2016年的財富分別比預計的少了11%和18%。這是令人擔憂的，但這些現在通常都是四五十歲的群體，自2010年以來已經大大縮小了財富差距。
Meanwhile, older generations were worth somewhat more than expected, with those born in the 1930s doing the best at 17% above the predicted value.
與此同時，老一輩人的財富略高於預期。那些出生在上世紀30年代出生的人最高，比預期值高出17%。
"The Great Recession and its aftermath significantly widened the wealth gap between young and old," the study said.
研究稱，“大衰退及其後續波動大大增加了年輕人和老年人之間的貧富差距”。
The lower wealth levels were not due to shortfalls in income. In fact, those born after 1960 are earning roughly what was expected.
財富水平較低並不是因為收入不足。事實上，那些1960年以後出生的人的收入與預期的大致相當。
Instead, the problem is more likely a result of debt and homeownership. Families headed by someone born in the 1960s and 1970s were more likely to own homes than expected prior to the Great Recession. But their homeownership rates fell significantly below predicted levels by 2016. Still, as the housing market recovered in recent years, those that did own property were able to recover some of their wealth.
相反，這更像是一種債務和住房所有權的結果。出生在60年代和70年代的家庭，比在大蕭條之前更有可能擁有自己的房子。但到2016年，他們的住房擁有率明顯低於預期水平。並且，隨著近年來房地產市場的復甦，那些擁有房產的人能夠收回部分財富。
The 1980s kids, however, were generally too young to own homes prior to the Great Recession. Even by 2016, fewer than 45% had bought homes, below what was expected.
然而，上世紀80年代的孩子在那個時候都太年輕了，無法在大蕭條之前擁有住房。即使到2016年，也只有不到45%的人買了房子，低於預期。
But they are still heavily in debt, which increases their financial fragility. Even worse, the main types of debt they owe are student loans, auto loans and credit card debt. Unlike mortgages, these do not finance an appreciating asset, such as real estate, which is one reason these families failed to boost their wealth in the last few years.
可是，他們仍然負債累累，這增加了他們的金融脆弱性。更糟糕的是，他們所欠的債務主要是學生貸款、汽車貸款和信用卡債務。與抵押貸款不同的是，這些貸款無法為房地產等不斷升值的資產提供資金，這也是這些家庭在過去幾年裡未能增加財富的原因之一。
Millennials born in the 1980s face a "formidable challenge" in restoring their net worth. This could have long-lasting consequences, the report found.
20世紀80年代出生的千禧一代在恢復淨資產方面面臨著“巨大的挑戰”。報告發現，這可能會帶來長期的影響。
"The fact that many families suffered large wealth setbacks during their prime earning and wealth-accumulation years raises the question of whether they will be able to rebuild their wealth to meet major saving goals, including for a home purchase, college tuition for their children and retirement," it said.
報告稱:“許多家庭在其主要收入和財富積累時期遭受了巨大的財富挫折，這一事實引發了這樣一個問題:他們是否有能力重建自己的財富，以實現基本的儲蓄目標，包括買房、為子女支付大學學費以及他們自己的退休基金。”
On the bright side,1980s kids have two things going for them. They have a lot of time to get back on track and they are the most educated generation, with the highest earning potential.
從好的方面來說，上世紀80年代的孩子們有兩件事要做。他們有很多時間回到正軌，他們是受教育程度最高的一代，擁有最大的收入潛力。
"It is possible that the income and wealth trajectories of this generation will be steeper than those of earlier generations, allowing many families to achieve their wealth goals in the end," the study said.
該研究稱:“這一代人的收入和財富軌跡可能比前幾代人更陡峭，這使得許多家庭最終實現了他們的財富目標。”
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